What shall I tell my Bank Manager?
Discussion
Some years ago when I first started out in business, a certain high street bank gave me hell. I had an agreed overdraft facility with them and if I even went close to the limit they'd be on the phone giving me serious grief. I always said that I wouldn't exceed my overdraft (and I didn't) and pointed out to them that our relationship was "commercial" - because I paid them as their customer for the facility. Also, they had my house as collatoral. However, they weren't in the least bit interested and gave me a real hard time for several years. I lost a lot of sleep at the time, as did my wife, but I didn't once go over my limit.
So, eventually, I hit the good times and start to generate significant profit (which eventually turned into capital). After this, I never heard a peep out of the bank. So, I then decided that I'd change my bank account because of the grief they gave me in the early days and the lack of service / communication during the good years.
Since I changed banks (about three years ago) the service I've receved from my new bank is far better.
Well, I got a phone call last week from my old bank manager who has arranged to come and see me tonight to see if he can win back my business. What should I tell him? Any suggestions?
So, eventually, I hit the good times and start to generate significant profit (which eventually turned into capital). After this, I never heard a peep out of the bank. So, I then decided that I'd change my bank account because of the grief they gave me in the early days and the lack of service / communication during the good years.
Since I changed banks (about three years ago) the service I've receved from my new bank is far better.
Well, I got a phone call last week from my old bank manager who has arranged to come and see me tonight to see if he can win back my business. What should I tell him? Any suggestions?
TeamD said:
Tell him to 'go stick his head in a pig!', the boots on the other foot now, exact your revenge with ice cold clarity, it's seldom that you get this kind of opportunity, enjoy!
That's exactly the way my thoughts were going. I'm not going to be vindictive, though, just state the pure 'facts' and ask him what he would do if he was in my shoes.
srebbe64 said:
Well, I got a phone call last week from my old bank manager who has arranged to come and see me tonight to see if he can win back my business. What should I tell him? Any suggestions?
Surely what you tell him depends on what he is prepared to do in order to win back your business. It's business afterall
I presume that this isn't the same person that you dealt with in your early days with the bank?Another take on this
How long ago was it ?? I think the customer service of all banks has increased hugely over the last couple of years
I went to my bank (who I'd considered leaving a number of times because of shoddy service) the other day and they were really helpfull
I'd listen to what he has to say, and see if it works out better, in cash terms, for you, now
Of course going on about how badly you were treated and watching him squirm will be fun at the same time
How long ago was it ?? I think the customer service of all banks has increased hugely over the last couple of years
I went to my bank (who I'd considered leaving a number of times because of shoddy service) the other day and they were really helpfull
I'd listen to what he has to say, and see if it works out better, in cash terms, for you, now
Of course going on about how badly you were treated and watching him squirm will be fun at the same time
I would show him all the juicy figures, wax lyrical about the growth prospects of your business and then, rather than just telling him he has no chance, dangle a carrot just out of his reach. For instance, tell him he can have your business if he can beat your current bank's rates by 1% on both credit and debit balances, that you want to earn interest from the date a balance is paid in, not the date it clears, that you want daily netting on your accounts.
Although I understand the temptation, your post acknowledged that this is a commercial relationship. If they want your business, what are they prepared to do to get it? If nothing else, it will be fun to see your old bank manager begging.
Seriously though in my line [corporate recovery/ insolvency] I am seeing banks decide what customers they want to keep and telling others they have xx days to find alternative facilities. We have ended up putting companies into liquidation for this reason. You never know, one day you may need this bank manager again and being courteous now costs nothing.
James
Seriously though in my line [corporate recovery/ insolvency] I am seeing banks decide what customers they want to keep and telling others they have xx days to find alternative facilities. We have ended up putting companies into liquidation for this reason. You never know, one day you may need this bank manager again and being courteous now costs nothing.
James
srebbe64 said:
TeamD said:
Tell him to 'go stick his head in a pig!', the boots on the other foot now, exact your revenge with ice cold clarity, it's seldom that you get this kind of opportunity, enjoy!
That's exactly the way my thoughts were going. I'm not going to be vindictive, though, just state the pure 'facts' and ask him what he would do if he was in my shoes.
God, Steve. Why not just ask him how good a deal he can offer. Then tell him it needs to be better to win your business. If they can offer you good service dirt cheap you'd be a fool not to take it - despite misgivings.
Banks do not have a long term investment view in their clients - they just don't. Hoping they'll see you through a rough ride for the profits they'll make later is like hoping Christmas will come early this year!
One of the reasons is because when they DO try to see a business through they're usually wrong and lose money!
YOU are the wonderful EXCEPTION! Enjoy it - but don't believe any different.
Take the best deal you can get.
[vaguely menacing accent]
This isn't personal. Just business.
[/vaguely menacing accent]
>> Edited by Don on Wednesday 26th January 17:30
e you would only be cutting your nose off to spite your face. james p said:
Although I understand the temptation, your post acknowledged that this is a commercial relationship. If they want your business, what are they prepared to do to get it? If nothing else, it will be fun to see your old bank manager begging.
Seriously though in my line [corporate recovery/ insolvency] I am seeing banks decide what customers they want to keep and telling others they have xx days to find alternative facilities. We have ended up putting companies into liquidation for this reason. You never know, one day you may need this bank manager again and being courteous now costs nothing.
James
Thing is James, when they were on my back I came very close to a nervous breakdown. As such, I've learned from this episode that a great deal of business is "emotional" and not just commercial.
My company buys and sells businesses and I've observed over the years that probably 80% of all business decisions are based on 'emotion' rather than fact. It's fair to say that the 'facts affect emotion'. Accordingly, most entrepreneurs go with their 'gut instincts' as much as anything else.
The idea that we can turn our feelings on and off because it's 'commercial' sounds right, but in reality emotion and business are often inextricably linked.
When we're selling companies we get the best results when we can 'genuinely enthuse' a buyer. Once he's bought into the idea 'emotionally', the cash soon follows.
What I'm saying, in a rambling way, is that I might well express some emtotion this evening - but not angrily or vindictively. I'll probably be 'animated', but with a smile.
There's no way they deserve your business back.
Even if they offer a much better deal. Business is not all about making/saving money as some suggest. It is about making long term relationships with suppliers, customers and employees (not just lip service-I bet he says long term relationship at some point in the meeting.) But most importantly running a business is about enjoying what you do. So tell him ever so politely to shove it-and enjoy!
Even if they offer a much better deal. Business is not all about making/saving money as some suggest. It is about making long term relationships with suppliers, customers and employees (not just lip service-I bet he says long term relationship at some point in the meeting.) But most importantly running a business is about enjoying what you do. So tell him ever so politely to shove it-and enjoy!
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